Genting has failed in its bid to get a licence to operate a casino in Macau.
The territory has opted to renew the licences of the six companies already in business there after the public tender. Each of the operators will have 10-year concessions in the list of "provisional winners."
A Macau-registered company that is linked to Genting Malaysia, named GMM, was not named among the preferred bids. Resuming business will be MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese companies led by the Stanley Ho dynasty, SJM Holdings, Melco International and Galaxy Entertainment Group.
They all pledged to help diversify the territory’s economy by investing in non-gambling attractions.
Now they will be required to invest in theme parks, retail and music and sports events to supplement their gambling business that has suffered badly from the restrictions imposed locally and across the Chinese mainland through the pandemic.
According to TDM Radio Macau, the six companies will be expected to invest around $12.5bn.
Macau regulators will negotiate the final terms before the licences come into force on January 1. Between the six licence holders, they operate 41 casinos in Macau, with annual revenue pre-Covid that hit $45bn as far back as 2013. By 2019 that had fallen to $36.4bn following border restrictions and in the pandemic year of 2020 it fell to $7.6bn.
